It's possible, but they've got a DS port to sell, so don't expect it for a while. It would be really great if they release all 6 Final Fantasy games for VC, although 3 of them weren't released in the West originally...

Square, Capcom, Konami all signed up with the VC, and all 3 have at least 1 VC game out already. Actraiser, Street Fighter, Contra are out so far. It will take tremendous time to port FF games to VC. They have many, many more lines of programming script than the average game. Thus a long wait even for FF1.